Here come initial jobless claims ...

The Labor Department's weekly release on initial jobless claims will be out at 8:30 a.m. ET.

Economists forecast that first-time filings for unemployment insurance fell last week by 3,000 to 255,000, according to Bloomberg. Last week, the total number had not crossed 300,000 for 92 straight weeks.

Claims offer a real-time look into the rate of layoffs and job losses, since many people file for benefits soon after they lose their jobs. This data series has been proof of the labor-market recovery and the reduction of slack.

More to come ...